Annual report pursuant to Section 13 and 15(d)

Restructuring Costs

v3.22.4
Restructuring Costs
12 Months Ended
Dec. 31, 2022
Restructuring and Related Activities [Abstract]  
Restructuring Costs
13. RESTRUCTURING COSTS
On August 4, 2020, the Company approved a move to a streamlined
go-to-market
strategy for its soybean product line. The impact of the action included staffing adjustments related to soybean processing and product sales, as well as the gradual exit of all supply chain contractual commitments that were not associated with the soybean
go-to-market
strategy. In the fiscal year ended December 31, 2020, the Company recorded $0.7 million of restructuring costs for severance and other related payments, and also recorded a $0.9 million recapture benefit of
non-cash
stock compensation expense from the forfeiture or modification of unvested stock awards. The Company did not incur any other material costs from the disposal of any assets or contractual terminations in the years ended December 31, 2021, and 2020. As of December 31, 2020, all severance and transitional expenses were recorded, with $0.4 million to be paid during 2021. As of December 31, 2021, all amounts related to the restructuring had been paid.